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Covid-19 Relocations and Your Tax Return

March 1, 2021 by nelson.cpa

If due to the Covid-19 pandemic, you moved out of your usual neighborhood or community, that move may impact your taxes. You may get some travel-related deductions in some special cases, for example. But you may also find yourself paying new state and local income taxes. Accordingly, you want to  understand—at least in a general […]

Filed Under: Business tax returns, Individual tax returns

Covid-19 Home Office Deductions

February 1, 2021 by nelson.cpa

Covid-19 home office deduction

The Covid-19 pandemic pushed many to work from home. And that reality begs an obvious question: Do any of these people get a Covid-19 home office deduction? In many cases, the answer is “yes.” But the rules get tricky… The Home Office Deduction in a Nutshell Section 280A(c)(1) of the Internal Revenue Code creates the […]

Filed Under: Individual tax returns

Simple Trust Tax Planning Ideas Can Save Big Dollars

January 5, 2021 by nelson.cpa

Many taxpayers understand—at least in a general way—how individual tax returns work. Someone earns or receives income. The taxpayer gets some deductions. Often including a big “standard deduction” that means someone doesn’t pay income taxes on the first $12,000 or $24,000 of income. And then the tax rates paid? A familiar set of percentages. Often […]

Filed Under: Trust tax returns

How Taxes Work for PPP Loans

December 22, 2020 by nelson.cpa

PPP loans and PPP tax accounting blog image

Sometime in the next few days, the Paycheck Protection Program, or PPP, will restart. We’re just waiting now for the President to sign the bill the House and Senate already passed. For the millions of small businesses who have borrowed PPP money, the new law includes a windfall. The PPP loan money now counts as […]

Filed Under: Business tax returns, PPP

Avoiding Taxes on PPP Loan Forgiveness

November 30, 2020 by nelson.cpa

needle and thread image for PPP loan forgiveness post

How a PPP borrower fills out the 3508 forgiveness application matters for taxes.

Filed Under: Business tax returns, PPP

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